Increased urbanization and inflation, combined with more frequent and severe storms, are expected to drive the global modelled insured average annual loss (AAL) from natural catastrophes (NatCats) to $151 billion in 2024, Verisk reports. When you strip out the crop losses, the total is $119 billion, a 12% increase over the previous five-year average. “In […]
By David Gambrill | September 3, 2024
2 min read
iA Financial Group expects to take less than a $10-million 2024 Q3 loss related to flood damage after Tropical Storm Debby passed through Quebec in August. That projected loss is net of tax and reinsurance. iA Financial Group wrote a total of $492.9 million in total business in 2023, according to MSA Research data published […]
By David Gambrill | August 30, 2024
3 min read
An insurance company can only claim equitable contribution against another insurer, not against an insured, Ontario’s Court of Appeal ruled Aug.27. The legal doctrine of ‘equitable contribution’ between insurers applies when two insurance policies are ‘irreconcilable,’ meaning they both cover the same loss, and neither is clearly in excess to the other. “When these circumstances […]
By David Gambrill | August 30, 2024
4 min read
RICHMOND, B.C. – For years, Metro Vancouver has been worrying about the threat of the “Big One,” a megathrust earthquake expected to hit coastal B.C. one day. But before it finally hits, residents could get a precious warning. An earthquake early detection system has been activated in British Columbia to provide the public and infrastructure […]
By Jason Contant | August 30, 2024
3 min read
MONTREAL – Marc-André Bourgeois-Gaudet was in his boat off the shores of Îles-de-la-Madeleine, Que., last Friday when he saw several funnel clouds descending from the sky like tornadoes. As he got closer, the rain started falling harder than anything he’d ever experienced, he said. “It was like having a waterfall fall on my head.” The […]
By Jason Contant | August 29, 2024
3 min read
WHITEHORSE – Officials say crews on the site of a major cyanide spill at a mine in central Yukon are facing an intense period of work over the next few months to install environmental protection before winter freeze-up arrives. Victoria Gold, the owner of the Eagle Gold mine, 480 kilometres north of Whitehorse, was put […]
By Jason Contant | August 28, 2024
3 min read
VANCOUVER – There are no longer any “wildfires of note” burning in British Columbia, with the BC Wildfire Service saying favourable weather had allowed crews to make good progress in the province’s battle against hundreds of blazes. The designation means a fire is highly visible or poses a threat to people or public safety, and […]
By Jason Contant | August 27, 2024
3 min read
This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. Repeated flooding is neither inevitable nor exceptional. Whether it’s the result of a river overflowing, torrential rain or even a failure in the water supply […]
By Jason Contant | August 26, 2024
5 min read
One Calgary city councillor is suggesting the reintroduction of a resilient roofing program following a massive hailstorm in the city earlier this month that resembled a 2020 event that cost the industry about $1.2 billion. Ward 5 Coun. Raj Dhaliwal told the Calgary Herald the Aug. 5 hailstorm could renew interest in the Resilient Roofing […]
By Jason Contant | August 26, 2024
3 min read
If your commercial insurance clients wish to nip class action lawsuits in the bud, it’s not sufficient for them to establish voluntary refund programs for consumers — courts will want to see details of how and when the refund programs are set up, and whether they appropriately compensate customers. “The voluntary refund program should be […]
By David Gambrill | August 26, 2024
3 min read